Wednesday, February 8, 2023
HomeCrypto NewsThe Terra Classic IBC Channels to Reopen Tomorrow

The Terra Classic IBC Channels to Reopen Tomorrow

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As the Terra Classic Network prepares to reopen IBC channels tomorrow, there are a few things to keep in mind.

The Terra Classic network is set to re-enable Inter Blockchain Communication tomorrow, as confirmed by @reXxTerraRebels, AKA reXx, a member of the Terra Rebels, an independent Terra Classic development organization, in a tweet hours ago.

The developer stated that to upgrade tendermint clients, the community would still need to approve a few more governance measures, as stated in the excerpted proposal.

According to the excerpt, the code has passed its initial tests satisfactorily, and developers are now running more tests to get more outside reviews. 

Notably, the upgrade won’t cause any downtime.

IBC Re-opening Necessary to Keep Up With the Changes in the Cosmos Ecosystem

It’s important to note that the IBC re-opening was initially planned to debut alongside the v23 upgrade. 

Edward Kim, a core developer for Terra Classic, stated in November that they had decided to advance the schedule to keep up with improvements to the Cosmos environment. 

As a result, as was previously reported, the developer launched a request to have the IBC channels reopened by December 5.

It represents a significant turning point for the network and could encourage Terra Luna Classic utility (LUNC).

Notably, developers might construct and update their projects to take LUNC and entice the developing Terra Classic community if they could once again move value across various Cosmos networks. 

The Terra Classic network will also be completely Cosmos compatible, enabling projects built on LUNAv2 to be deployed on Terra Classic in addition to the v23 update.

Prospect to Maximize Burns by Re-opening IBC Channels 

Developers were attempting to reopen the channels of communication that Terraform Labs had shut off after the ecosystem collapse, as Kim first disclosed in September. 

To the community’s delight, the code was then made public in October by senior Cosmos developer Jacob Gadikian.

Notably, the possibility of reopening IBC channels has given rise to many initiatives meant to increase burns from the occasion. 

For instance, one user suggested raising the tax burn parameter, while another that the network tells Osmosis it wants the decentralized exchange to perform LUNC burns off-chain.

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